CLARIFICATION ON THE CLOSING OF RESIDENCE LE MONACO

"We will support all our residents until they are settled in their new homes. They won't have to do a thing. We will take care of everything - seeking accommodations, packing, moving and setting up in their new homes."

Sébastien Barrette, assistant general manager

MONTREAL, May 12 /CNW Telbec/ - Management of Residence Le Monaco, located in Montreal's borough of St-Laurent, wishes to address the closing announced to residents and employees on May 10. Management made the decision to permanently cease operations on June 22, 2011. The general manager insisted that all residents would be supported until they are settled in their new homes.

"We are aware of our clientele's frailty and have met every resident onsite one on one. Everything has been set up to ease the planning of this transition. Residents will be supported in choosing a new residence, and we will help them plan their move, processes that will be fully taken care of and paid for by the residence," said Sébastien Barrette, assistant manager for the residence. Management team has also ensured all the necessary support personnel is onsite to answer residents' questions.

The residence management team also met with employees, who will be offered severance packages and assistance to help them relocate. "We are counting on the professionalism of our employees to support residents during the transition," he continued.

For the management team, the priority over the next two months will be to ease the move and set up of residents in new living environments of their choice, whether in the same neighbourhood or elsewhere. The residence will oversee the entire process, in collaboration with residents' families and loved ones. Teams of specialists will take care of finding new accommodations, planning the packing of belongings, hiring movers and helping residents set up in their new homes. The cost of the entire process will be borne by the residence, and residents will receive compensation equivalent to three months of rent.

This difficult decision was made in light of the fact that for some years, Residence Le Monaco has experienced difficulties that greatly affect its operations. The residence began facing significant financial problems three years ago, and despite efforts made to generate interest among potential clients, the occupancy rate has continued its decline. Over the last three years, the local market has greatly evolved, and the residence no longer meets the standards clients seek. The occupancy rate declined from 73.5% in March 2008 to 52.5% in March 2011.

Before reaching its decision, the management team turned to external consultants to help assess options, and their report concludes it would be impossible over the middle term to positively reposition the residence in the Ville St-Laurent market.

Residence management also made all necessary inquiries to ensure that its decisions meet current regulations.

Management deeply regrets the situation and intends to take every necessary measure to smooth the transition for residents.

SOURCE Résidence Le Monaco inc.

For further information:

Sébastien Barrette
Assistant General Manager
Residence Le Monaco Inc.
Tel: (514) 333-6060

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Résidence Le Monaco inc.

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